Industry News

The National Volunteer and Philanthropy Centre (NVPC) has announced significant changes to its Board of Directors, effective 1 October 2025. Suhaimi Zainul-Abidin, a dedicated Board member since 2020, has been appointed as the new Vice Chairman. His extensive experience across various sectors is expected to provide valuable leadership perspectives for NVPC’s long-term goals.

In addition to Suhaimi’s appointment, NVPC has welcomed two new Board members: Ang Shih-Huei, CEO and Co-Founder of H/Advisors Klareco, and Edmund Siah, an Adviser at Egon Zehnder. These appointments are part of NVPC’s strategy to ensure strong governance and introduce fresh perspectives to the organisation.

The outgoing Vice Chairman, Chong Ee Rong, will step down on 30 September 2025, after making significant contributions, including her roles in the Finance and Human Resource Committees. NVPC Chairman Seah Chin Siong expressed gratitude for her leadership and welcomed the new members, stating, “The renewal of our Board reflects NVPC’s commitment to ensuring strong stewardship and access to new ideas and fresh perspectives.”

The new Board members will serve a two-year term, with eligibility for re-appointment every two years, up to a maximum of six consecutive years. This strategic renewal aims to keep NVPC responsive to emerging trends and evolving stakeholder needs, reinforcing its mission to nurture the heart of Singapore.

HDB resale prices in Singapore have experienced their smallest quarterly growth in nearly five years, with a modest increase of 0.4% in Q3 2025, according to the latest flash estimates. This slowdown comes after a 0.9% rise in Q2 2025 and a 1.6% increase in Q1 2025, marking the fourth consecutive quarter of decelerating growth. Christine Sun, Chief Researcher & Strategist at Realion (OrangeTee & ETC) Group, noted that this is the lowest quarterly growth since Q2 2020, during the COVID-19 pandemic.

The year-to-date price increase stands at 2.9%, a decline from the 3.8% and 6.9% growths recorded in the first three quarters of 2023 and 2024, respectively. Despite this, the market has seen 22 consecutive quarters of price increases since Q2 2020. The slowdown is attributed to a decrease in demand for resale flats, intensified by the launch of over 20,000 new BTO and sale-of-balance flats earlier in the year.

In October, over 9,000 new flats, including those in Mount Pleasant and Greater Southern Waterfront, are set to be released, potentially impacting resale demand further. The disparity between sellers’ high price expectations and buyers’ reluctance to meet them has led to slower negotiations and a challenging market.

The number of million-dollar transactions rose by 15.7% from 415 units in Q2 2025 to 480 units in Q3 2025, setting a new quarterly record. Notably, two 5-room flats at Pinnacle@Duxton were sold for S$1.6m and S$1.59m, respectively.

Looking ahead, HDB resale prices are expected to stabilise or slightly decline in Q4 2025, as demand typically wanes during the year-end holidays. The potential revision of the income ceiling for BTO applicants and the minimum age for singles purchasing flats could also influence the resale market, possibly leading to slower price growth or stagnation.

Indium Corporation, a leading materials manufacturer for the global electronics market, is celebrating 30 years of operations at its Asia-Pacific hub in Singapore. Established on 12 July 1995, the facility marked the company’s first global expansion and entry into the semiconductor market. The milestone was commemorated with various events, including a tree planting ceremony, attended by company executives, employees, and community members.

The Singapore facility, which has grown significantly over the years, is now one of the largest flux manufacturers in the region. It produces high-quality materials used in advanced electronics such as semiconductors, smartphones, and electric vehicles. The facility’s expansion has enabled Indium Corporation to optimise processes, provide rapid customer support, and enhance collaboration with regional partners.

President and CEO Ross Berntson expressed pride in the facility’s achievements, stating, “Our employees, customers, and partners in the region will continue to build on our success in the Asia-Pacific region by collaboratively developing world-changing materials science.” He highlighted the pioneering of ultra-low residue fluxes and die-attach materials at the facility.

Looking ahead, Indium Corporation plans to further expand the Singapore hub to meet emerging needs in AI and high-power computing. The company has also expanded its presence in the Asia-Pacific region with additional facilities in India, Malaysia, and South Korea. The Singapore facility holds IATF 16949, ISO 14001:2015, and ISO 9001:2015 certifications, underscoring its commitment to quality and innovation.

EFG Bank AG has announced the appointment of Robin Heng as Vice Chairman of Southeast Asia, effective immediately. Heng, a seasoned private banking professional with three decades of experience, will be based in Singapore and report directly to Albert Chiu, Executive Chairman, Asia Pacific at EFG. This move is part of EFG’s strategy to bolster its leadership team and expand its presence in the region.

Heng’s extensive career includes his recent role as Co-Head of Private Banking at Bank of Singapore, where he significantly contributed to the growth of the bank’s Southeast Asia business. His previous positions at UBS in Singapore and Hong Kong, as well as Citigroup in Singapore, underscore his deep industry knowledge and leadership capabilities.

Chiu expressed confidence in Heng’s ability to enhance EFG’s growth strategy, stating, “I am convinced that he will make a meaningful contribution to our growth strategy in the region. With his vast experience and network, he will support our ambition to expanding our footprint in Singapore and beyond, which continues to see strong levels of wealth creation.”

Heng himself remarked on his new role, saying, “I am honoured to have been appointed to this important role. I very much look forward to working with Albert Chiu and the team, to contribute to EFG’s strategic growth plans and to further enhance our private banking offering and franchise in the region.”

EFG International, headquartered in Zurich, operates in over 40 locations worldwide, offering private banking and asset management services. This appointment is expected to further solidify EFG’s commitment to sustainable growth and capturing emerging opportunities in Southeast Asia.

Aster has announced a significant investment of $125m to revitalise Singapore’s critical offshore infrastructure. This strategic initiative focuses on upgrading the Single Buoy Mooring (SBM) and pipeline facilities, essential for high-volume energy imports and the competitiveness of Singapore’s refining and petrochemical sectors.

The contracts for this multi-phase programme have been awarded to global partners, including Allseas and DOF, who will handle the engineering, installation, and commissioning of the SBM and pipeline infrastructure. The upgraded facilities are expected to provide over 20 years of reliable service, reinforcing Singapore’s position as a vital energy and logistics hub.

Mashhad Dohadwala, Aster’s Director for Projects & Technology, emphasised the importance of robust infrastructure, stating, “The upgraded SBM pipeline is projected to provide more than 20 years of reliable service, supporting Singapore’s growth, competitiveness, and laying the groundwork for continued economic development.”

Allseas Vice President Projects, Matthijs Groenewegen, expressed enthusiasm about the collaboration, noting, “We are delighted to have been selected for this key infrastructure project, and look forward to working together with Aster to ensure safe and efficient delivery.”

This investment not only aims to improve operational efficiency by easing jetty capacity demand but also supports Aster’s future growth plans, including the rejuvenation of its refinery and condensate splitter unit. As Singapore continues to grow as an energy and logistics hub, this development marks a significant step in ensuring the reliability and competitiveness of its energy infrastructure.

GuocoLand has launched Faber Residence, a new 399-unit riverfront condominium located within the exclusive Faber Walk landed enclave in Clementi. The development, which is set to begin sales previews on 3 October 2025, promises a blend of landed-style living, nature connectivity, and urban convenience.

Faber Residence comprises nine five-storey blocks on a 25,795.4 sqm site, offering a mix of two- to five-bedroom flats. Notably, 80% of the units are three-bedroom or larger, designed with efficient and flexible layouts. Prices start from S$1,995 per square foot, with a two-bedroom unit priced at S$1.29m.

The development is strategically located within 1km of Nan Hua Primary School and near other reputable educational institutions such as Singapore Polytechnic and the National University of Singapore. It is also close to key business hubs, including the International Business Park and the future Jurong Lake District, enhancing its appeal to both homeowners and investors.

Residents will benefit from excellent connectivity, with the Ayer Rajah Expressway and Pan Island Expressway nearby, and several MRT stations within easy reach. The future Jurong Town Hall MRT station will further enhance accessibility.

Faber Residence offers a unique low-rise living experience amidst nature, featuring a curated network of gardens and courtyards with over 140 plant species. Residents will have direct access to the Ulu Pandan Park Connector and other nature trails, making it an attractive option for nature lovers.

Jointly developed with TID Pte. Ltd. and Hong Leong Holdings Limited, Faber Residence is expected to be completed in 2029.

The Wealth Management Institute (WMI) has unveiled a groundbreaking report, “Asia’s Succession Moment: Closing the Planning Gap to Safeguard Legacy,” at the WMI Global-Asia Family Office Summit 2025. The report challenges traditional views on succession, presenting it as a continuous journey rather than a singular legal or financial event. This approach, termed the Legacy Flywheel, emphasises small, consistent actions that foster family unity and resilience over time.

The research underscores the importance of treating succession as a long-term process anchored in shared purpose. According to WMI CEO Foo Mee Har, “Unlike traditional succession models that focus on single moments of transition, the flywheel represents succession as an ongoing cycle where shared purpose guides governance structures.” This method transforms succession from a source of anxiety into an opportunity for deeper family connection and stronger stewardship capabilities.

Philanthropy is identified as a crucial element in this process, acting as a bridge-builder that unites families around shared values. By engaging in philanthropic activities, families can develop trust and communication skills essential for successful transitions. The report suggests that philanthropy provides a low-conflict environment for different generations to collaborate and practise leadership skills.

The Legacy Flywheel proposes three actionable steps for families: starting with purpose, building governance around purpose, and using philanthropy strategically. These steps aim to create a sustainable legacy and strengthen family bonds across generations. As Foo Mee Har notes, “This research shows that when families approach succession as a living practice, they create momentum that can sustain their legacy.”

The study, enriched by insights from the Family Firm Institute, combines interviews with a comprehensive literature review and case analysis, offering a fresh perspective on family succession planning in Asia.

OKX Singapore, in collaboration with StraitsX and Grab, has launched OKX Pay, the first stablecoin-powered scan-to-pay service in Singapore. This innovative service enables customers to use stablecoins such as USDC and USDT for everyday transactions at GrabPay merchant-partners by scanning a GrabPay SGQR code. The service is integrated within the OKX SG App, now available on the App Store and Google Play.

The launch signifies a significant step in integrating stablecoins into regulated payment systems, with Singapore serving as a testing ground for this financial innovation. OKX Pay leverages StraitsX’s XSGD stablecoin, ensuring instant conversion into Singapore dollars (SGD) for merchant settlements, whilst maintaining existing payment flows for merchants.

Gracie Lin, CEO of OKX SG, stated, “OKX Pay addresses real needs for customers by expanding DPTs’ use beyond trading and investing to everyday payments.” Lim Kell Jay, Regional Head of Grab Financial Group, added that the partnership enhances the payment experience for consumers and businesses by broadening payment options without altering existing processes.

The service uses the Purpose Bound Money (PBM) framework for compliant and programmable blockchain transactions. This collaboration highlights Singapore’s role as a hub for financial innovation, with potential implications for stablecoin integration across Asia and beyond. Tianwei Liu, CEO of StraitsX, emphasised that the launch is a blueprint for how stablecoins will underpin global commerce in the future.

Naumi Hotels, a Singapore-based boutique hotel group, has opened its first property in the Middle East with the acquisition of a 237-room hotel in Barsha Heights, Dubai. The hotel, now operational, was acquired by Naumi Group and advised by SunStar Capital, a wealth management firm founded by Executive Chairman Surya Jhunjhnuwala. The property is managed by Naumi Hotels under the leadership of Group CEO Gaurang Jhunjhnuwala.

The expansion into Dubai is a strategic move for Naumi Hotels, known for its bold spaces and unscripted service. Gaurang Jhunjhnuwala stated, “Following Naumi Hotels’ success in the Asia-Pacific region, extending the experience to the Middle East felt like a natural next step.” He highlighted Dubai as a hub of innovation and a key player in the region’s hospitality market.

Naumi Hotels, established in Singapore in 2007, has developed a diverse portfolio with properties in Singapore, New Zealand, Australia, and now the UAE. Each location is characterised by unique design and personalised service, aiming to redefine the modern traveller’s experience.

The Dubai property is conveniently located near Dubai Internet City Metro, Mall of the Emirates, and The Palm. It will undergo a transformation to introduce a new visual identity, featuring whimsical spaces and imaginative experiences. The hotel offers 237 rooms and suites, two restaurants, a spa, a rooftop pool, a fitness centre, and meeting facilities.

Paul Stocker, Group Chief Operating Officer, remarked, “In Dubai, we’ve found the ideal canvas to express our playful sophistication and bring unexpected moments to life.” This launch marks the beginning of Naumi Hotels’ broader expansion strategy across the Middle East.

McKay Brothers has unveiled a groundbreaking private transport service for cryptocurrency and foreign exchange (FX) trading, connecting London and Singapore in less than 137 milliseconds round trip. This new network, announced on 29 September, is designed to cater to the increasing demand for rapid data transport in digital asset trading, where microsecond precision is crucial.

The service links Slough-LD4, home to major crypto platforms like Deribit, LMAX, and Kraken, with Singapore, integrating directly into the AWS cloud hosting Bybit. McKay Brothers’ Level Playing Field policy ensures that all subscribers have equal access to the best latency, making the service particularly appealing to firms that rely on speed for risk management.

This development is significant as it offers the fastest path for traders between these two financial hubs, enhancing the efficiency and competitiveness of digital asset trading. McKay Brothers, known for its robust and resilient networks, provides data transport services to some of the world’s most demanding firms, ensuring reliability and equal access for all its clients.

In addition to the London-Singapore link, McKay Brothers offers a portfolio of long-haul transport services connecting Tokyo, Hong Kong, Chicago, and Ashburn, VA, with the lowest latency available. The company will be showcasing its services at the Token 2049 conference in Singapore, where it will be present at Booth MB4 81.

As digital trading continues to evolve, McKay Brothers’ latest offering positions it at the forefront of providing cutting-edge solutions for the financial markets, ensuring traders can operate with unparalleled speed and reliability.